HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Xunfei Healthcare Technology / Equity Capital Markets

<ul>
<li>In healthcare AI industry, the commercialization process is complex and burdened with challenges. Related products mainly plays an auxiliary role in medical scenarios, rather than a core support or rigid-demand. </li>
<li>The idea of creating corresponding solutions for C-end and B-end customers by FUNFEI is not inappropriate. However, both B-end and C-end businesses of FUNFEI have encountered varying degrees of problems.</li>
<li>We’re not optimistic about XUNFEI's profitability. The sluggish stock price performance after Airdoc’s listing indicates that the market/investors have not fully recognized healthcare AI enterprises, leading to low valuation.</li>
</ul>


In healthcare AI industry, the commercialization process is complex and burdened with challenges. Related products mainly plays an auxiliary role in medical scenarios, rather than a core support or rigid-demand. 
The idea of creating corresponding solutions for C-end and B-end customers by FUNFEI is not inappropriate. However, both B-end and C-end businesses of FUNFEI have encountered varying degrees of problems.
We’re not optimistic about XUNFEI's profitability. The sluggish stock price performance after Airdoc’s listing indicates that the market/investors have not fully recognized healthcare AI enterprises, leading to low valuation.


Pre-IPO Xunfei Healthcare Technology - Continuous Losses Will Be the Norm

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 12th.</li>
<li>We estimate the weekly outflows to be US$374.5 million, led by financials, consumer staples, and offset by consumer discretionary, information technology, industrials.</li>
<li>We highlight northbound connect flows for Moutai and Longi Green.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 12th.
We estimate the weekly outflows to be US$374.5 million, led by financials, consumer staples, and offset by consumer discretionary, information technology, industrials.
We highlight northbound connect flows for Moutai and Longi Green.


Northbound Flows (Jan 12th): Moutai, Longi Green

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Self-driving / In-Depth: Huawei aims to pull ahead of Tesla in autonomous driving race </li><li><p>Corruption /: Beijing health insurance director detained, source says</p></li><li><p>Central bank /: Former China central bank deputy governor abused power for 30 years</p></li></ul>

Self-driving / In-Depth: Huawei aims to pull ahead of Tesla in autonomous driving race Corruption /: Beijing health insurance director detained, source saysCentral bank /: Former China central bank deputy governor abused power for 30 years

CX Daily: Huawei Aims to Pull Ahead of Tesla in Autonomous Driving Race 

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 29th.</li>
<li>We estimate the weekly inflows to be US$2,840.5 million, led by information technology, materials, industrials sectors, and offset by communication services.</li>
<li>We highlight flows for Longi Green, Wuliangye, Chongqing Changan Automobile.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 29th.
We estimate the weekly inflows to be US$2,840.5 million, led by information technology, materials, industrials sectors, and offset by communication services.
We highlight flows for Longi Green, Wuliangye, Chongqing Changan Automobile.


Northbound Flows (Dec 29th): Longi Green, Wuliangye, Changan Automobile

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 1st.</li>
<li>We estimate the weekly inflows to be US$359.9 million, led by information technology, health care, utilities sectors, and offset by financials, materials.</li>
<li>We highlight flows for Hygon Information Technology, Shanghai United Imaging Healthcare, BYD, CMB, Wuliangye, Midea, CATL.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 1st.
We estimate the weekly inflows to be US$359.9 million, led by information technology, health care, utilities sectors, and offset by financials, materials.
We highlight flows for Hygon Information Technology, Shanghai United Imaging Healthcare, BYD, CMB, Wuliangye, Midea, CATL.


Northbound Flows (Dec 1st): Hygon Information, Shanghai United Imaging Healthcare, BYD

China

IFLYTEK Co., Ltd. specializes in speech intelligence and artificial intelligence technology.  The company also develops chip product, voice messaging software and e-government system integration software.

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IFlytek Co Ltd A (002230 CH)

Pre-IPO Xunfei Healthcare Technology - Continuous Losses Will Be the Norm

The willingness to purchase healthcare AI products/services is not strong enough. The real turning point for commercialization of healthcare AI...

Xinyao (Criss) Wang

Northbound Flows (Jan 12th): Moutai, Longi Green

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight northbound connect flows for Moutai, Longi Green.

Ke Yan, CFA, FRM

CX Daily: Huawei Aims to Pull Ahead of Tesla in Autonomous Driving Race

Self-driving / In-Depth: Huawei aims to pull ahead of Tesla in autonomous driving race The race to be first to develop a self-driving car and...

Caixin Global

Northbound Flows (Dec 29th): Longi Green, Wuliangye, Changan Automobile

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Longi Green, Wuliangye, Chongqing Changan Automobile.

Ke Yan, CFA, FRM

Northbound Flows (Dec 1st): Hygon Information, Shanghai United Imaging Healthcare, BYD

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Hygon Information Technology, Shanghai United...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

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